Tue, 25 Jul 2023 | COMMERCIAL PROPERTY
The Hotel Riviera in Sidmouth, Devon has been acquired by a global property consultancy in a deal estimated to be worth around £3.5 million. The Riviera, which is located in a prime position on Sidmouth Esplanade, is a four-star boutique hotel.
The hotel is a grade II listed property comprising 26 en-suite bedrooms and suites, as well as an AA Two Rosette restaurant with 85 covers, a function suite and regency bar. It is located 14 miles from Exeter on the Jurassic Coast and offers uninterrupted sea views, with an external terrace overlooking Sidmouth’s beach.
The Riviera was marketed by Knight Frank’s Hotel Agency team with a guide price of £3.5 million. Everys Solicitors acted on behalf of the seller, owners Peter and Dena Wharton, while Porter Dodson acted for the unnamed overseas buyer. Prior to the acquisition, the hotel had been under family ownership for 50 years.
Matthew Smith, partner in Knight Frank’s Hotel Agency team, commented: “After a highly successful long-standing ownership, our clients can now commence their retirement plans following a successful marketing campaign with multiple offers received for the hotel, which demonstrates the demand for highly profitable, well-maintained hotels in prime coastal locations.”
“Our clients have built up a very strong relationship with both their staff and guests, and the new owner will further enhance the hotel offering and continue with its philosophy which has proved so successful over the years.”
In The Hotel Riviera's filleted unaudited financial statements for the year to April 30 2022, its fixed assets were valued at £292,211 and current assets at £556,270, with net assets standing at £477,227.
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